The Cost of Selling a property
The sale price of a property of course plays the biggest role when you think about selling real estate in Cape Coral FL.
Equally important is to know what the closing and other sales related costs will be so your final proceeds can be calculated.
Here you will find a list of typical costs and expenses that are deducted from your proceeds.
The fees can vary, depending on what has been negotiated in the contract. Exact amounts can only be determined if the individual transaction is assessed.
This can be done by means of a net sheet prepared by the title company. The below stated numbers are based on a sales price of $300,000.
- Title Insurance: $2,575
- Fees for Title Company (Title Search, Processing etc.): approx. $550
- Cost for Attorney: in case you want the standard contract and paperwork reviewed by a lawyer
- Recording fees: approx. $20
- Doc stamps: $3,500
- Commission: $30,000 (usually 6% is charged of which half of that is offered through the MLS for a co-broke transaction)
- Fee for mortgage payoff: please ask your bank
- Property tax and Assessments: Property tax will be prorated on a daily basis, Assessments are usually assumed by buyer, if not then seller pays off at closing
So this specific sale generates around $36,700 in expenses for the seller (generally you take about 7.5% to 8% from the sales price).
If you are a foreign national please be aware that there will be a withholding tax applied that will further reduce your proceeds at closing. In most cases an amount equal to 15% will be withheld through the title company and at the end of the year you will make your tax return at the IRS to have the amount returned less what you actually owed. For other options and verification of this general information please consult your CPA. This is not to be considered tax advice. All amounts are estimated and can vary.